Do I need to bank with a private bank already to get a private bank mortgage?

No, though it helps. Most private banks will consider a mortgage as the opening of a new relationship, not just a product for existing clients. Some, like C.Hoare & Co, are the exception and lend almost exclusively to existing private clients.

How much do I need in assets to qualify for a private bank mortgage?

There's no single threshold — it varies by bank and by case. Some banks expect a meaningful level of assets under management as a condition of lending; others are more flexible if the income and security profile is strong.

Is a private bank mortgage cheaper than a high street mortgage?

Not necessarily. Rates can be competitive, particularly for clients bringing significant assets to the relationship, but arrangement fees and AUM requirements often offset any headline saving. The right comparison depends on the full structure, not just the rate.

Can I get a private bank mortgage as a non-UK resident?

Yes — international and non-resident clients are a core part of the private banking mortgage market, particularly for prime London property. Structuring across jurisdictions and currencies is something private banks are typically well set up to handle.

What's the minimum loan size for a private bank mortgage?

Most private banks focus on loans from around £1-2 million upwards, though this varies by lender and by the wider relationship. Below this level, high street or specialist lending is usually more appropriate.

Can I use investment assets instead of income to secure a mortgage?

Often, yes. Many private banks will lend against a discounted value of a portfolio rather than requiring income alone to support the loan, which is particularly useful for clients with significant wealth but modest salaried income.

Do private banks offer interest-only mortgages?

Yes, more readily than most high street lenders, particularly where there's a credible and evidenced repayment strategy tied to assets, business sale proceeds, or other capital events.

How long does a private bank mortgage take to arrange?

It varies considerably. Because terms are relationship-led rather than templated, timelines can be longer than a straightforward high street application, though a well-prepared case presented to the right bank can still move quickly.

What documents will a private bank ask for?

Expect more than a standard mortgage application — typically a detailed statement of assets and liabilities, business accounts or tax returns for variable income, source of funds and source of wealth evidence, and details of any existing banking relationships.

Can a private bank mortgage be used for buy-to-let or commercial property?

Some private banks will lend on investment or commercial property as part of a wider relationship, though this is less standardised than residential lending and is assessed case by case.

What happens if my income is irregular or made up of bonuses and dividends?

Variable income is typically assessed holistically rather than through a fixed multiplier, which suits business owners, partners, and bonus-heavy earners.

Should I use a broker or approach a private bank directly?

A broker with active private banking relationships will usually have a clearer view of current lending appetite than a client approaching cold, and can present the case to the bank most likely to say yes on the best terms.

Is a private bank mortgage right for every high-net-worth borrower?

No. For a straightforward purchase with clean, provable income and no interest in a new banking relationship, a high street lender is often faster and cheaper. Private bank lending earns its place where complexity, scale, or an existing relationship make it worthwhile.

Lender Guides

A Practical Guide to Co-operative Bank Interest-Only Criteria

Co-operative Bank interest-only criteria set minimum income, LTV and repayment-plan requirements for residential cases. This guide also explains the former Platform name and the proposed Coventry transfer.

Written By: James Blackler

On Aug 28, 2026

At Oakstead Finance, we work with Co-operative Bank regularly and have a practical understanding of how the lender approaches applications. The intermediary range was previously called Platform, and its residential interest-only policy allows up to 75% loan to value on interest only, with additional borrowing potentially taken on repayment up to 85% overall.

What is the Co-operative Bank Interest-Only Criteria?

The Co-operative Bank interest-only criteria combine minimum income, LTV and a credible repayment strategy. The whole mortgage is assessed on a capital-and-repayment basis, so the interest-only payment does not determine affordability.

✪ Minimum gross income is £60,000 for a sole application or £80,000 jointly.
✪ The interest-only element can reach 75% LTV.
✪ Part interest-only and part repayment can reach 85% overall LTV.
✪ Maximum age is 75 at the end of the term, subject to retirement-income assessment.

For applicants comparing structures, Oakstead Finance explains interest-only and repayment mortgages.

How Much Can Be Borrowed Under Co-operative Bank Interest-Only Criteria?

For qualifying applications at no more than 85% LTV, the published ceiling is 5.5 times verified gross income from £75,000 combined income. It is 5 times from £45,000, otherwise 4.49 times.

Affordability can produce a lower figure after commitments and expenditure are assessed. Oakstead Finance explains how lenders use income multiples.

✪ Loans from £750,001 to £1 million can reach 85% LTV.
✪ Loans from £1,000,001 to £1.5 million can reach 80% LTV.
✪ Loans from £1,500,001 to £3 million can reach 75% LTV.

Which Repayment Strategies Are Accepted?

A credible repayment strategy must cover the interest-only balance and be evidenced during the application. Accepted routes include qualifying UK savings, investments, endowments, pension lump sums and property sale.

✪ Savings and investments need current evidence and must cover the relevant balance.
✪ Up to 25% of a projected pension fund may be used where no lump sum is confirmed.
✪ Sale of the main residence requires at least £300,000 equity in London and the South East, or £200,000 elsewhere.

How Do Co-operative Bank Interest-Only Criteria Treat Variable Income?

The Co-operative Bank interest-only criteria use the wider residential income policy. Regular bonus, overtime and commission are normally taken at 50%; 100% of commission may be considered when it forms more than half of income and the required two-year record is stable or rising.

✪ Contractual allowances such as London weighting or shift allowance can be used at 100%.
✪ Interest income and UK-listed company dividends are generally taken at 50%.
✪ Directors can use salary and dividends where business profit shows a rising two-year trend.

For directors, Oakstead Finance explains how to obtain SA302s and tax-year overviews.

Co-operative Bank at a Glance

Criterion	Published position
Maximum interest-only LTV	75%
Maximum overall part-and-part LTV	85%
Minimum gross income	£60,000 sole; £80,000 joint
Published income multiple	Up to 5.5 times, subject to conditions and affordability
Maximum residential loan	£3 million at up to 75% LTV
Current initial assessment	2 working days for a fully packaged case

How Do Underwriting and Current Rates Work?

For an interest-only application, the lender checks residential affordability, income evidence and the repayment-strategy declaration. On 28 August 2026, it reported two working days for initial assessment and next assessment, and one working day to instruct valuation.

Rates sit within the live purchase and remortgage ranges, not one permanent interest-only price. Term, fee, LTV and transaction type affect cost, and products can change.

What Did the Platform Rebrand and Coventry Transfer Change?

Two changes need separating. Platform became The Co-operative Bank for Intermediaries in September 2023, alongside the residential interest-only range and Broker Portal.

Coventry Building Society acquired the Bank in January 2025. A legal transfer is proposed for 1 January 2027, subject to court approval; applications and submission routes remain valid, and the transfer itself will not change criteria.

For submissions from 24 August 2026, a tick box records that the entity change has been explained. Existing mortgage rates, balances, repayment types and terms remain unchanged.

How Could a Part-and-Part Case Work in Practice?

A hypothetical joint case has £110,000 gross income, an £800,000 London home and a £600,000 loan. Full interest only would leave £200,000 equity, below the £300,000 London threshold.

Splitting £500,000 interest only and £100,000 repayment leaves £300,000 against the interest-only balance. The loan is about 5.45 times income, but affordability, valuation and evidence checks still apply.

How Does Accord Compare as an Alternative?

Accord Mortgages is a broker-only alternative with no minimum income for interest only, although affordability applies. It permits 75% interest only and 85% part-and-part, with £300,000 sale-of-property equity in London and £250,000 elsewhere.

Outside London, The Co-operative Bank’s equivalent minimum is £200,000. Accord removes the income threshold, while The Co-operative Bank may need less regional equity; a full assessment still decides fit.

What You Need to Know

The Co-operative Bank interest-only criteria are defined by both affordability and a documented exit plan, not by LTV alone.

✪ Full interest only can reach 75% LTV; part-and-part can reach 85% overall.
✪ Minimum income is £60,000 sole or £80,000 joint.
✪ The proposed Coventry transfer does not itself change criteria or existing mortgage terms.

Book a Consultation

Frequently Asked Questions

What Are the Main Co-operative Bank Interest-Only Criteria?

The Co-operative Bank interest-only criteria set minimum gross income at £60,000 for one applicant or £80,000 jointly. Acceptable affordability, LTV and a credible repayment strategy are also required.

What Is the Maximum Interest-Only LTV?

The interest-only portion can reach 75% LTV. Part-and-part borrowing may reach 85% overall, subject to the applicable loan-size limits.

Can the Main Home Be Sold to Repay the Mortgage?

Sale of the main residence can be accepted. It requires £300,000 equity in London and the South East or £200,000 elsewhere.

How Are Bonuses and Commission Assessed?

Regular bonus and commission are normally taken at 50%. Where commission forms more than half of income, 100% may be considered from a stable or rising two-year record.

Can Dividends Be Used?

For limited-company directors, salary and dividends can be considered. Business profit should show an increasing two-year trend.

How Is Interest-Only Affordability Tested?

The lender assesses the mortgage on a capital-and-repayment basis. Expenditure, commitments and stress testing can reduce the available loan below the income-multiple ceiling.

Is Platform the Same as The Co-operative Bank for Intermediaries?

Yes. Platform became The Co-operative Bank for Intermediaries in September 2023.

Will the Coventry Transfer Change an Existing Mortgage?

The legal transfer is proposed for 1 January 2027, subject to court approval. Existing rates, balances, repayment types, terms and payment routes are stated to remain unchanged.

Arrange a consultation with Oakstead Finance.

Written By James Blackler

James Blackler founded Oakstead Finance to give complex cases the attention they're usually denied. Based at Arding & Hobbs in Clapham Junction, he works with London buyers and homeowners whose applications need more than a standard lender checklist; complex income, tight timelines, or a structure most brokers won't take the time to get right.

Topics related to this article

Click a topic to explore